Grizzly Oil Sands ULC Reports Reserves and Resources

OKLAHOMA CITY, Dec. 3, 2010 (GLOBE NEWSWIRE) -- Grizzly Oil Sands ULC ("Grizzly"), a company in which Gulfport Energy Corporation (NASDAQ: GPOR) holds an approximate 25% interest, 今天宣布由GLJ石油顾问有限公司对其资产进行了独立的储量和资源评估. ("GLJ").

Effective October 1, 2010, GLJ的评估报告估计，由于Algar Lake项目，Grizzly拥有9800万桶已探明和可能储量, 1.8500亿桶最佳估计的潜在资源和2.02亿桶最佳估计的潜在资源. Mapping for the independent reserve and resource assessment identified 14.2 billion barrels of discovered bitumen initially in place and 4.5 billion barrels of undiscovered bitumen initially in place. 在即将到来的2010/2011冬季钻井季节，Grizzly的勘探属性不包括在GLJ的评估中.

下表总结了GLJ对Grizzly储量和资源的确定，从10月1日起生效, 2010.

Reserves and Resources          Grizzly Interest
                                                                                Recoverable
                                                                      (Millions of Barrels)
              Proved + Probable (2P) Reserves (Algar Lake Project)                        98
                           Best Estimate (P50) Contingent Resource                     1,850
                          Best Estimate (P50) Prospective Resource                       202
     Best Estimate Contingent + Best Estimate Prospective Resource                     2,052

GLJ储量和资源评估报告体育平台是根据国家仪器51-101编写的，使用了加拿大石油和天然气评估手册中体育平台的假设和方法.   

灰熊油砂ULC体育平台是一家私营公司，专注于利用蒸汽辅助重力排水和独特的模块化方法开发油砂资源，用于中央工厂建设. Grizzly's lease holdings cover approximately 520,000 acres and its 11,300 bpd Algar Lake project application is currently before the regulators. 预计第一期工程将于2011年第三季度开工. Grizzly will be conducting an extensive exploration program during the first quarter of 2011.

Notes: (1)《体育平台》（以下简称“COGE手册”）将可能储量定义为比已探明储量更不确定的额外储量. 同样有可能的体育平台是，实际剩余采出量将大于或小于估计已探明储量加上可能储量的总和.   (2) COGE手册中的“或有资源”定义为估计的石油数量, as of a given date, 利用已建立的技术或正在开发的技术，有可能从已知的油藏中开采出来, 但由于一种或多种突发事件，目前不被认为具有商业可采性. (3) COGE手册中对远景资源的定义体育平台是估计的石油数量, as of a given date, 在未来的发展项目中，有可能从未发现的储量中回收. (4) COGE手册中定义的最佳估计值被认为体育平台是对实际从积累中恢复的数量的最佳估计值. If probabilistic methods are used, this term is a measure of central tendency of the uncertainty distribution (P50). (5)  It should be noted that reserves, 潜在资源和潜在资源在实现商业化的过程中涉及不同的风险. 目前还不确定灰熊公司生产任何部分的潜在资源体育平台是否具有商业可行性. There is no certainty that any portion of Grizzly's Prospective Resources will be discovered. If discovered, 不确定开采任何部分的潜在资源体育平台是否具有商业可行性. 本新闻稿中讨论的Grizzly的预期资源估计已包含发现机会的风险，但未包含开发机会的风险，因此被Grizzly视为部分风险估计.

About Gulfport

Gulfport Energy Corporation体育平台是一家位于俄克拉荷马城的独立石油和天然气勘探和生产公司，其主要生产资产位于路易斯安那州墨西哥湾沿岸和德克萨斯州西部的二叠纪盆地. Gulfport recently acquired an acreage position in the Niobrara Shale of Western Colorado. Gulfport还通过对Grizzly Oil Sands ULC的投资，在加拿大的Alberta Oil Sands拥有相当大的面积.  

Forward Looking Statements

本新闻稿包括1933年证券法第27A条所指的“前瞻性陈述”, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical facts, included in this press release that address activities, 格尔夫波特或灰熊预计或预计将在未来或可能发生的事件或发展, including such things as future capital expenditures (including the amount and nature thereof), business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of Gulfport's or Grizzly's business and operations, plans, market conditions, references to future success, 提及有关未来事项和其他此类事项的意向均为前瞻性陈述. 这些陈述体育平台是基于格尔夫波特和灰熊根据他们的经验和对历史趋势的看法所做的某些假设和分析, 目前的情况和预期的未来发展，以及他们认为在这种情况下适当的其他因素. However, 实际结果和发展体育平台是否符合格尔夫波特和灰熊公司的预期和预测受到许多风险和不确定性的影响, general economic, market, credit or business conditions; the opportunities (or lack thereof) that may be presented to and pursued by Gulfport or Grizzly; competitive actions by other oil and gas companies; changes in laws or regulations; and other factors, many of which are beyond the control of Gulfport or Grizzly. 有关这些和其他因素的信息可以在公司提交给美国证券交易委员会的文件中找到, including its Forms 10-K, 10-Q and 8-K. Consequently, 本新闻稿中的所有前瞻性陈述均受这些警示性陈述的约束，不能保证Gulfport和Grizzly预期的实际结果或发展将实现, or even if realized, that they will have the expected consequences to or effects on Gulfport, its business or operations. Gulfport has no intention, and disclaims any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

CONTACT:  Grizzly Oil Sands ULC
          Investor Relations
          Paul K. Heerwagen IV
          405-242-4888
          pheerwagen@hkang100.com

Image: Gulfport Energy

Released December 3, 2010